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Statoil Hits Oil In PL090 In Norwegian North Sea

|Includes:ENGIY, IDKOF, Statoil ASA (STO), XOM

The Norwegian Petroleum Directorate announced that the Statoil-operated wildcat well 35/11-17 in PL090, North Sea, has encountered oil pay. The well will be permanently plugged and abandoned.

The well encountered a 48m gross oil column in the Brent group, 10m of which has good reservoir quality in the Etive and Rannoch formations. A 38m gross oil column was encountered in the Fensfjord Formation, 20m of which has good reservoir quality.

The discovery is estimated to hold 1-3 MMcm (6.4-19.3 MBOE). This is the 16th exploration well drilled in PL090, which was awarded in 1984.

PL090 ownership: Statoil (45%, operator), ExxonMobil (25%), Idemitsu Petroleum (15%) and GDF Suez (15%).

In Mar-2014, the Norwegian Petroleum Directorate announced that the Statoil-operated wildcat well 34/8-17S encountered 31m of gross gas pay.

In Jan-2014, Statoil announced that it made a gas discovery in the Askja West prospect and an oil discovery in the Askja East prospect, both located in the Norwegian North Sea.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

Stocks: STO, XOM, ENGIY, IDKOF